search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlords
New York

Artists to get affordable space at Governors Island, Brooklyn Army Terminal

The New York Community Trust earmarked $216,000 this month to repurpose vacancies on Governors Island and the Brooklyn Army Terminal as affordable studio and rehearsal space for artists, the Village Voice reported.

The money will be used by the Department of Cultural Affairs to refurbish some 85,000 square feet of space. It’s the initial step in what’s expected to be a far-reaching program, first proposed in Mayor Michael Bloomberg’s State of the City address in January.

Sign Up for the undefined Newsletter

Once refurbished, the spaces will be rented out as 300 studios at below-market rates by Spaceworks, a real estate firm.

“As [New York] becomes more expensive, artists are an important driver of our economy and our sense of place,” said Kerry McCarthy, program officer with the New York Community Trust. “We need to make the city a place where they can afford to live and work.”

The program comes on top of the $300 million the city has pledged to transform Governors Island into a more sought after destination. [Voice]

Tags
Brooklyn Army TerminalGovernors Island